Key takeaways and insights about Development Economics.

Explain the importance of

your acquired learnings.

ANSWERS:

From the lecture taken, I have learned a thing or two about development
economics. Indeed, I was aware of the basic or common knowledge that it has but
through this lecture, I profoundly understand the depth of development economics, it
is not just all about improving the country, honing our wealth, enriching our country
to its growth, and such nonetheless, its breakdowns or see beyond the building blocks
of every nation.

It hastens my knowledge of how the involvement of foreign countries could bring a

huge impact on the state of our nation, how the seemingly old but still useful theories
can work in this complex generation i.e., Mercantilism, Nationalism, Linear Stages of
Growth, and Structural Change. On the other part, it clearly ponders on the issue of
social, economic, political, and business conditions of one country. Whereas the
concentration is heavy on the welfare of the nation and serves their primary needs
such as education, healthcare system, opportunities, alleviating the deprived
individuals, helping entrepreneurs to expand domestically and internationally,
protecting the rights, preserve the privileges—thus providing overall quality of life.

Those are only a few of the many things that I acquired in the lesson I took. It develops
my perspective towards the development of our country, not only as a student and an
aspiring Accountant but rather as an instrument to contribute to our country. This
made me realize and assimilate that development economics is not only present as
part of the government plan but even in every aspect of the Filipino.

Through development economics, it gives our government a profound view on

providing an opportunity to our deprived citizens, such as connecting the new market
to the existing entities and improving their owned resources wherein it is inevitable to
have an expansion of business domestically and internationally. Later on, it affects the
trading matters of our country, whether to focus on exporting or importing.
Development economics helps in acquiring and keeping up with advanced
manufacturing, innovation, and development. Secure our finances, through various
investments, increasing gross domestic product, amending minimum wages to keep
up with the intensive inflation, and more.

Aside from the overall enhancement of our state in means of technology, business, and
honing relationships outside our premises, it protects our local economy from possible
circumstances and is prepared in outsmarting those. Through our development
economics, it helps our government to have an initial plan in aiding and giving
resolution to such economic and social crises or issues, such as plans and programs
for teenage pregnancy, maximizing the healthcare system when a pandemic hits,
providing immediate remedies in our hospitality industry, to cope up with the frequent
changes—form market to online, and subsequently more.
Thus, the development of economics is helpful in every aspect of our, whether we
provide a huge contribution or not. It permits individuals to have a glimpse of the
success that is awaiting them if they will pay attention to the development of our
economy and might push them to prioritize it. Perhaps, for someone who does not
have an idea how far our economy could go will find it difficult to see the beauty and
privileges that it has to offer to each one of us. Whereas continuing to develop and
implement our knowledge in this matter would help us improve.

And lastly, it helps me to assimilate the world around me thoroughly. It

prepares me on how I should see our economic and social status, follow the trends,
benchmark the markets, deal efficiently with the threats and opportunities, and use
past experiences as a lesson and defense for the tougher situation that our future has
on us.